State Bank of India: In a major change, the state-owned bank SBI has increased ATM transaction charges. As a result, savings, salary, and current account holders will have to pay higher fees at other banks’ ATMs.
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State Bank of India: If you’re a State Bank of India (SBI) customer, there’s some big news for you. The State Bank of India has revised ATM transaction charges. The bank has increased ATM usage charges after the free transaction limit is reached. This means that if you’re an SBI customer, you’ll be charged ₹23 (including GST) for each cash withdrawal from another bank’s ATM after the monthly cash withdrawal limit is reached, and ₹11 for non-financial transactions like balance checks.
Many people use ATMs to avoid long bank queues. This new SBI rule may come as a shock. The bank has increased the fees for using these automatic deposit-cum-withdrawal machines.
Which accounts will these changes apply to?
Earlier, cash withdrawals after the free limit cost ₹21. Now, with GST, this has been reduced to ₹23. Non-financial transactions, such as balance inquiries or mini-statements, will now cost ₹11. This price hike will not affect Basic Savings Bank Deposit (BSBD) accounts, SBI debit card holders using SBI ATMs, or Kisan Credit Card accounts.
Why did SBI make this decision?
SBI has decided to increase transaction charges due to the recent increase in interchange fees. Under the new rule, SBI savings account holders will continue to receive five free transactions per month at other banks’ ATMs, but cash withdrawals beyond this limit will now cost ₹23 plus GST, and non-financial transactions like balance checks or mini statements will cost ₹11 plus GST. This could be a problem for those who frequently withdraw or deposit money from ATMs. The charges are increasing, so it’s best to be cautious.
